New funding available to help with releasing the value in Local Authority (LA) public sector property assets has been announced by Public Sector Plc (PSP).
Public Sector Plc (PSP) writes:
The MJ Future Forum on 26 March received a major announcement by Public Sector Plc (PSP) to make available via its major funders Talisman Global Capital up to £500m for the next tranche of public sector organisations who wish to secure an additional property option and access funding through the application of PSP’s governance framework and processes.
PSP, using its unique Relational Partnering approach (where relationships come in advance of commitment) has established ten pathfinder partnerships who can now access private sector funds to review property and land portfolios, create capital and revenue streams, and regenerate town centres. All of these councils now have an additional option when looking at their strategic land and property opportunities. These ten ‘pathfinder’ authorities work collectively as the Local Government Council Consortium Group [CCG] and seek to share knowledge, experience and improvement opportunities collectively for the benefit of the existing and new public sector partners joining the group. Over the last 12 months there has been an increased emphasis on exploring the potential to benefit the existing partnerships through regional collaboration and to provide greater access to the funding by the broader public sector.
This private sector funding is available to unlock the added value of public sector property assets. It will provide the investment needed to develop projects and initiatives which generate revenue and capital income, and revenue savings from the property portfolios of public bodies. Authorities are under no obligation to commit their property at the outset. Following the experiences of the pathfinder partnerships, public sector bodies are invited to express an interest.
Organisations who express an interest can work with the CCG who will share their knowledge in respect of the uses of this hybrid partnering model. PSP’s validation process will be applied to any proposals to demonstrate that they will be commercially viable and as good as, or better than, other conventional options available to the council or organisation. Only then will projects be taken forward by mutual agreement. The investment needed to take projects forward will come from the monies made available.
The expression of interest process will run from the 26th March 2015 through to the end of 2015. Organisations expressing an interest will be contacted with a view to jointly exploring the opportunities available.
More information on this initiative
View case studies of the uses of PSP funds
